KING DEMANDS ARRESTS IN DUBIOUS FINANCIAL SCHEMES

LOBAMBA – With thousands of emaSwati having lost millions after investing in different investment schemes, His Majesty King Mswati III has called for the arrest of those responsible.

This happened yesterday when His Majesty delivered the Speech from the Throne as part of the Official Opening of the Second Session of the 12th Parliament.

Consolidation

The King was sharing feedback on the country’s credit outlook, which he said has improved due to economic and institutional reforms, financial stability, fiscal consolidation, monetary policy discipline, effective administration of the revenue stabilisation fund and sound policy advice provided to government by the Central Bank of Eswatini (CBE).

His Majesty said he is pleased that the bank has finally launched the first phase of the national payment switch project to enhance the efficiency and speed of electronic transactions, modernise the national payment system and promote financial inclusion in the country.

He commended the bank for what he termed its significant role in various financial sectors and being shortlisted for the Global Banking & Markets Africa Awards 2025. He then said: “The bank is now urged to double its efforts in protecting people’s finances against dubious financial schemes. Above all, it must ensure that those responsible for such crimes face the full might of the law”.

Even though he did not mention names, it is a fact that in the past decade or so, thousands of emaSwati had their lives turn for the worst after they lost hundreds of Emalangeni which they invested in different schemes.

Invested

The one scheme that is currently on everyone’s lips is Ecsponent Limited, where over 1 138 investors who include pensioners, non-governmental organisations, retired police officers, churches and others lost millions of Emalangeni which they invested since 2014. The money had accumulated to E431 million when it was discovered missing.
While millions of Emalangeni have been spent in conducting forensic investigations to ascertain how the funds were lost, there have been less arrests.

Already, over 70 people who invested in Ecsponent have reportedly died, mainly due to stress-related illnesses emanating from effects of the E431 million loss. Meanwhile, in 2018, it was reported that almost 4 000 emaSwati lost their monies invested in Sharemax - the largest failed property syndication scheme in South Africa and no one has been held accountable.

Eswatini companies, co-operative societies and individuals invested their pensions and terminal benefits worth about E27 million in the real estate investment scheme called Sharemax.

Benefits

Victims of the Sharemax investment scheme include, among others, Hlalawati Cooperative, Credit Society, Swaziland Union of Financial Institutions and Allied Workers (SUFIAW). Others are the Swaziland Investment Consortium and a certain scheme for employees of the then Swaziland Posts and Telecommunications Corporation (SPTC), now known as the Eswatini Posts and Telecommunications Corporation (EPTC). EmaSwati reportedly invested between E200 000 and E300 000 each of their terminal benefits and pensions after being retrenched by their various companies.

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